Robert Bandfield faces maximum of 20 years in prison for activities linked to stock manipulation

A U.S. businessman pleaded guilty Monday to helping stock manipulators launder hundreds of millions of dollars through Belize, a victory for prosecutors seeking to crack down on offshore havens.

Robert Bandfield, 71 years old, pleaded guilty in Brooklyn federal court to one count of conspiring to launder money and now faces a maximum of 20 years in prison. He had been set to begin trial next week.